Annual Conference

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Corporate Finance

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May 2024

To explain the unique persistent gender gap in the US entrepreneurial community, this paper conducts an experiment with real US startup founders. Results show that male entrepreneurs have implicit gender discrimination against female investors due to statistical discrimination. The discrimination is...
Keywords: Discrimination, Matching, Field Experiments, Venture Capital, Entrepreneurship
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Annual Conference

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Accounting

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May 2017

We examine whether disclosure frequency induced earnings-cash flow conflict influences the types of firms that choose to be public. Using the length of the cash conversion cycle to proxy for the disclosure frequency induced conflict between short-term reported earnings and total cash flows, we find ...
Keywords: managerial myopic behavior, mandatory disclosure frequency, earnings-cash flow conflict
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Senior Fellows/Fellows

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Senior Fellows/Fellows

In 2012, China’s Shenzhen Stock Exchange (SZSE) mandated that its listed firms fully reveal the content of any corporate site visits on SZSE’s public platform within two trading days after the visits. Shanghai Stock Exchange, China’s other stock exchange, does not impose the stringent disclosu...
Keywords: Corporate site visits, Audit adjustments, spillover effects, the quality of financial statements, the quality of analyst forecasts
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Annual Conference

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Accounting

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May 2022

We document empirical evidence for post-earnings announcement drift (PEAD) in corporate bond prices using transaction data. PEAD is more pronounced for bonds that trade more frequently than those that trade infrequently and also manifests in the credit default swap (CDS) market, rejecting the idea t...
Keywords: Disagreement, Liquidity, Informational Efficiency, Corporate Bonds, Post Earnings Announcement Drift
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Using transaction-level credit card spending from a large US financial institution, we show that disaggregated sales provide accurate and persistent signals of customer demand relevant to a firm’s stock pricing. After controlling for earnings and sales surprises, one inter-quintile increase in the...
Keywords: return predictability, informed investors, disaggregated sales, customer demand, Credit Cards, Consumption, Household Finance, financial institution, big data
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